MANTRA [OM] Price Prediction: Will it Reach New Highs after Surpassing July’s Levels?

Currently, MANTRA [OM] has exceeded its July peaks, experiencing a 69% surge since September 8th despite the downward pressure on Bitcoin [BTC], which dropped from $66.5k to $59k in October. This setback had minimal impact on OM’s bullish momentum.

The recent breakthrough past its prior highs, coupled with consistent buying pressure, suggests that there is potential for further price increases. It may take some time for this upward movement to materialize, especially if the price is drawn towards the liquidity pocket around $1.3.

Potential for Continued Price Growth for OM

Current indications strongly support the continuation of an uptrend. The market structure on the daily chart has been bullish since early September, with the CMF consistently above +0.05 over the past couple of weeks, signaling strong buying pressure on OM. Moreover, the moving averages have demonstrated a bullish crossover, suggesting upward momentum on the daily chart.

In the event of a price correction, the levels around $1.25 and $1.1 are likely to act as key support areas. There is a high probability of the $1.41 level switching to support soon, with potential targets at the Fibonacci extensions of $1.6 and $1.9 in the near future.

Warnings of a Potential Price Decline

Analysis of the liquidation levels over a 2-week period has shown a concentration of liquidation levels around the $1.48 zone. This could potentially attract the price to this region, leading to a temporary dip.

Nevertheless, the prevailing bullish sentiment might drive the price well above the liquidity cluster, similar to the movement observed on October 4th. While a slight decline towards $1.3-$1.35 could be on the horizon, overall, OM is anticipated to move upwards in the coming days.

Disclaimer: The content provided is the author’s personal opinion and should not be considered as financial, investment, or trading advice.